Vivad Se Vishwas Scheme

Context:

The Direct Tax Vivad se Vishwas Act, 2020, was enacted on March 17, 2020, to settle direct tax disputes locked up in the various appellate forums.

About Vivad Se Vishwas Scheme:

• This is a direct tax scheme announced in Budget 2020, for settling tax disputes between individuals and the income tax department.
  • The Income Tax Department is governed by the Central Board for Direct Taxes (CBDT).
  • It is part of the Department of Revenue under the Ministry of Finance.
• The scheme is an attempt to put an end to pending direct tax disputes.
• As per the scheme income tax disputes settled under it cannot be reopened in any other proceeding by the income tax department or any other designated authority.

Schemes launched in Budget

• PM Aatmanirbhar Swastha Bharat Yojana: The Government announced the centrally sponsored PM Aatmanirbhar Swastha Bharat Yojana with an outlay of around 64,180 crores spread over six years.
• Ujwala scheme: The Scheme is to be extended to cover one crore more beneficiaries, she said. The city gas distribution network will be extended to 100 more cities. A gas pipeline project was also announced by the Minister for Jammu and Kashmir.
• Jal Jeevan Mission-Urban: Jal Jeevan Mission-Urban has been announced with an outlay of 2.87 crores.
• Ujwala Scheme: Extension of Ujwala scheme to more than 1 crore beneficiaries.
• Mega Investment Textiles Parks (MITRA) scheme, in addition to PLI:
  • MITRA Scheme aims to enable the textile industry to become globally competitive, attract large investments, boost employment generation and exports.
  • Production Linked Incentive Scheme (PLI): Production-Linked Incentive or PLI scheme is a scheme that aims to give companies incentives on incremental sales (over FY 2019-20) from products manufactured in domestic units.